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MGM Resorts International reports developments across its integrated resort, casino, digital gaming, and hospitality operations. Recurring updates cover Las Vegas Strip Resorts, Regional Operations, MGM China in Macau, MGM Digital, and the BetMGM North America venture for sports betting and iGaming. News also includes quarterly operating results, guest-experience investments at MGM MACAU and MGM COTAI, brand partnerships, and capital-allocation actions.
Company announcements also document portfolio changes such as the completed sale of MGM Northfield Park operations and related lease amendments tied to the company’s regional casino footprint.
On May 21, 2021, retired Military Working Dog Popeye was reunited with his handler, U.S. Army veteran Michael Steponovich, at MGM Resorts' The Mirage in Las Vegas. This emotional reunion was facilitated by American Humane, which supports U.S. Armed Forces veterans and their service dogs. Popeye, a seven-year-old German Shepherd, served in explosive detection in South Korea. MGM Resorts emphasized its commitment to veteran support through its Military Veteran Program. American Humane ensures retired MWDs receive medical care, enhancing their post-service quality of life.
MGM Resorts International (NYSE: MGM) has received approval from the Nevada Gaming Control Board to operate at 100% occupancy without social distancing on gaming floors in its Las Vegas Strip properties, including Bellagio and MGM Grand. This decision reflects progress in the recovery from COVID-19, supported by vaccination efforts. While gaming areas will fully reopen, 80% occupancy and social distancing will remain in non-gaming areas. MGM's vaccination initiatives include on-site clinics and incentive campaigns to encourage employee vaccinations.
MGM Resorts and MGM Growth Properties have finalized an agreement for MGP to acquire the real estate assets of MGM Springfield in Western Massachusetts for approximately $400 million in cash. Following the transaction, MGM Resorts will continue operating the property under a master lease with an increased annual rent of $30 million. The sale is expected to close in Q4 2021, pending regulatory approvals. Both companies view this deal as beneficial for shareholders, with MGM Springfield showing strong financial performance, delivering record Adjusted Property EBITDAR in Q1 2021.
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BetMGM has launched BetMGM Poker and Borgata Poker in Pennsylvania, marking the state as the third to offer these services. The launch enables players to access benefits associated with the Borgata Hotel, Casino & Spa and other MGM resorts. New players can receive a $25 bonus and a 100% deposit match up to $600. There are also promotional events scheduled, including a $40,000 Crossover Invitational Freeroll. BetMGM emphasizes responsible gaming practices while integrating with the M life Rewards program for enhanced customer experiences.
MGM Resorts International reported a Q1 2021 net revenue of $1.6 billion, down 27% year-over-year. The operating loss was $247 million, a stark contrast to a previous income of $1.3 billion. The company saw a net loss of $332 million compared to a $807 million profit last year. Despite these challenges, regional operations showed revenue growth of 59% while MGM China reported a 9% increase in revenues. The company maintains strong liquidity with $9.7 billion available and began returning capital to shareholders through repurchases.
MGM Resorts International's CityCenter has announced a definitive agreement to sell a two-acre site on the Las Vegas Strip to 63SLVB, LLC for approximately $80 million. This parcel, located adjacent to The Shops at Crystals, will be developed into a retail complex featuring specialty retail and dining options. The deal is expected to close in the second quarter of 2021. CityCenter is a joint venture between MGM and Infinity World Development Corp, incorporating notable developments like ARIA Resort & Casino and Vdara Hotel and Spa.
BetMGM, a collaboration between MGM Resorts and Entain, reported a strong business update as of April 21, 2021. The company leads the U.S. iGaming market with a 23% market share as of February 2021 and is set to capture 20-25% of the U.S. sports betting and iGaming market in the long term. BetMGM foresees a $32 billion addressable market across the U.S. and Canada and anticipates achieving $1 billion in net revenue in 2022. The joint investment from MGM Resorts and Entain for 2021 is expected to be around $450 million.
On April 20, 2021, BetMGM announced the integration of GameSense, a responsible gaming program, into its platform, marking a first for U.S. online gaming. Developed by the British Columbia Lottery Corporation (BCLC), GameSense offers resources for informed and responsible gambling. BetMGM's CEO Adam Greenblatt emphasized the importance of responsible gambling as the industry expands. The program will be fully integrated later this year and aims to promote healthy gaming habits. MGM Resorts, which launched GameSense in 2017, aims to enhance player experience across its properties and now through BetMGM.
MGM Resorts International (NYSE: MGM) and Entain plc (LSE: ENT) will hold a virtual investor day for their joint venture BetMGM on April 21, 2021, at 11:00 a.m. EDT. The event will feature key management presentations, including CEO Adam Greenblatt and CFO Gary Deutsch, followed by a live Q&A session. Participants can register for the event online and will have access to an on-demand replay afterward. This event emphasizes BetMGM's position as a leader in sports betting and online gaming.